Registering your farm?

Discussion in 'Random Ramblings' started by Mike32, Nov 8, 2011.

  1. Mike32

    Mike32 Chillin' With My Peeps

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    May 16, 2009
    Pecos, NM
    How do you go about registering your farm so that you can write off all the feed and so forth? I have a small farm now and was wondering if it is something i should do. What are your experiences? Is there also help with funding to expand your farm? I did a google search but it just has too many that it gets confusing. Thank you for your help and advice.
     
  2. Bear Foot Farm

    Bear Foot Farm Overrun With Chickens

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    Mar 31, 2008
    Grifton NC
    How do you go about registering your farm so that you can write off all the feed and so forth?

    You have to be a WORKING farm, with actual sales.

    Contact your States Tax Dept and they can probably tell you how to apply for the Agriculture sales tax exemption

    If you're talking about writing it off on INCOME taxes, you don't need to be "registered".
    You just have to report your costs and income on a Form 1040 Schedule F

    Be sure to have ALL receipts and records of income

    Your County FSA agent can tell you about financial programs​
     
    Last edited: Nov 8, 2011
  3. Kudzu

    Kudzu Chillin' With My Peeps

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    Go to a Tax attorney or a tax accountant and get their advice. Best money I ever spent.
     
  4. MuranoFarms

    MuranoFarms Chillin' With My Peeps

    Nov 14, 2009
    Boyers, Pa
    We're registered as a business....our accountant did all the work. This seems super simple, but it does bear saying: make sure you choose a FARM accountant! lol Our original (personal) accountant had all sorta of ideas on how to do things and it just didn't sound right. We got a referral from a friend who's had his farm business for 10 years. Using his accountant made things super easy! Also, we got a premise ID from the Pa dept of agriculture....not sure if you need one in your state or not.
     
  5. Oregon Blues

    Oregon Blues Overrun With Chickens

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    Apr 14, 2011
    Central Oregon
    There's a schedule F for farming expenses on the federal taxes. You don't have to register your farm, just fill out schedule F when you file your taxes. That's how you deduct expenses.

    States vary. You might have to register a fictitious business name in your state to get state tax benefits and wholesale prices when you purchase stuff. I suspect that if you google it, you can find a state website that explains what you need to do. The states are usually really good about telling you how to pay them more taxes. Some states expect you to collect sales tax for them.
     
  6. aoxa

    aoxa Overrun With Chickens

    Quote:[​IMG] At least you didn't bad mouth the one that didn't know about farming!

    I actually am an accountant, and we don't deal with a lot of farming companies. Around tax season we get a few. This is not something you take to H&R block though [​IMG]
     
  7. TinyChickenLady

    TinyChickenLady Chillin' With My Peeps

    Is that available for backyard farms as well or just working farms?
     
  8. aoxa

    aoxa Overrun With Chickens

    Quote:Only working farms. If you make money off your eggs, you can write off a percentage of what your expenses are, but ONLY a percentage.
     
  9. TinyChickenLady

    TinyChickenLady Chillin' With My Peeps

    Quote:Only working farms. If you make money off your eggs, you can write off a percentage of what your expenses are, but ONLY a percentage.

    Ahhh okay gotchha [​IMG] I actually just went over all that with my mother, the proud holder of an accounting degree [​IMG] and we decided it's not my kind of file yet LoL
     

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